Pérez, A and Olivié, I. creator text Elcano Royal Institute and Centre for Global Development monographic 26p. Illicit financial outflows affecting developing countries have been estimated to as much as one trillion dollars. These estimations may not be generally endorsed, but there seems to be consensus on the negative effect of international illicit flows on international security and governance, and on development finance. This paper summarizes the current understanding of illicit finance and its relevance for developing countries. It analyses European contributions to making development finance less illicit and based on three case studies of Belgium, Luxembourg and Spain, it also provides in-depth analyses of national policies. The paper concludes that the EU has the tools to ensure a more transparent financial system, and further proposals are currently being discussed which will likely lead to improved financial transparency within Europe. However, their direct potential impact on developing countries remains uncertain. iffoadatabase.trustafrica.org/iff/Europe-Beyond-Aid-Illicit-Financial-Flows_0.pdf iffoadatabase.trustafrica.org/iff/Europe-Beyond-Aid-Illicit-Financial-Flows_0.pdf